Realtor | Investor

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When investing in real estate, it's crucial to evaluate location, market trends, property conditions, zoning laws, and more.

First-time buyers should start by checking their credit score, setting a realistic budget, and getting pre-approved for a mortgage. Researching different neighborhoods, hiring a knowledgeable real estate agent, and understanding closing costs will also help make the process smoother. It's also wise to factor in maintenance costs and potential future property taxes.

Common mistakes include overpricing the home, neglecting necessary repairs, poor staging, and ignoring curb appeal. Pricing too high can lead to prolonged market time, reducing buyer interest. Properly staging a home, making minor improvements, and using professional photos can attract more buyers and lead to better offers.

The average down payment varies depending on the loan type and buyer profile:

• First-time homebuyers typically put down 6%–7% on average.
• Conventional loans usually require 10%–20%, though some allow as little as 3%.
• FHA loans require a 3.5% down payment for buyers with a credit score of 580 or higher.
• VA and USDA loans often require 0% down, making them great options for eligible buyers.

While 20% is the traditional benchmark to avoid private mortgage insurance (PMI), many buyers successfully purchase homes with lower down payments.